BCCI allows Kochi to participate in IPL 4

Mumbai, Nov 28 (PTI) The Board Of Control For Cricket In
India (BCCI) on Sunday allowed the squabbling Kochi franchisee
to participate in the fourth edition of the Indian Premier
League, ending the suspense over the fate of team.
The IPL Governing council, which had given a third
deadline to Kochi last week after the consortium's investors
reached a last-minute agreement over their shareholding
pattern, today approved their ownership structure and took it
in its fold.
"At their meeting today, the IPL Governing Council
confirmed that the Kochi Franchisee had satisfactorily
responded to the notice issued to them by the BCCI, and
decided that the Franchisee Kochi Cricket Pvt. Ltd., would
play in the IPL from 2011 onwards," BCCI Secretary and
President-Elect N Srinivasan said in a release.
The Governing Council's decision comes on the backdrop of
the legal developments involving the BCCI and expelled IPL
franchisees - Kings XI Punjab and Rajasthan Royals, the IPL
Governing Council.
Barely seven months after becoming the second most
costliest team in the Indian Premier League, Kochi was on the
verge of being thrown out of the event.
But the owners of the beleaguered franchise made a last
ditch attempt to save the outfit by reaching a compromise.
Before the compromise, the investors of the franchise,
which was bought for a staggering sum of Rs 1533.33 crore, had
written to the BCCI informing them of their intention to
withdraw from the IPL.
That letter was sent after the BCCI, which had on October
10 expelled Kings XI Punjab and Rajasthan Royals for allegedly
violating contractual agreements, gave a termination notice of
30 days to the franchise to sort out internal disputes
regarding the shareholding pattern.
The investors in the consortium -- Anchor Earth, Parinee
Developers, Rosy Blue and Film Wave -- hold 74 per cent of the
equity.
The remaining 26 per cent lies with the Gaikwad family --
Shailendra, his brother Ravi and their parents all part of
Rendezvous Sports World -- as free equity for services
rendered while bidding.
It is this 26 per cent which became a bone of contention
among the stakeholders as the investors were in no mood to
give free equity to the Gaikwad family.
The Gaikwads, on their part, initially refused to part
with the equity but have now agreed to forego at least some of
it to put an end to the squabbling which threatens the very
existence of the team.
The BCCI has made it clear that eight teams will take
part in the fourth edition of the league scheduled from April
8, just six days after the World Cup. PTI VKV
AVT